Big Banks Beginning to Sing the Crypto Tune

LOS ANGELES, March 13, 2018 — (PRNewswire) —

FN Media Group Presents USA News Group News Commentary 

In a move that shows a changing attitude towards blockchain, and perhaps a vindication of cryptocurrencies, banking giant JP Morgan has started a pilot program that seeks to make certain payments faster using technology similar to cryptocurrency.

Companies developing blockchain technology support include NVDIA Corporation (NASDAQ: NVDA), Micron Technology (NASDAQ: MU), Advance Micro Devices (NASDAQ: AMD) and DMGI Blockchain Solutions, Inc. (TSX-V: DMGI).

Blockchain is a platform that allows people involved in a transaction to connect directly without the need for a middleman such as a bank. However, banks are working to find their footing as this new technology emerges.

Analysts are watching this development and looking for this trend to translate across financial providers.

Several companies contribute core technologies, such as microchips used to power the source of blockchain computing. These include NVDIA Corporation (NASDAQ: NVDA), Micron Technology (NASDAQ: MU), and Advance Micro Devices (NASDAQ: AMD).

Still other companies are looking to create blockchain technology and the ability to deliver direct crypto currency services. DMGI Blockchain Solutions, Inc. (TSX.V: DMGI) is an innovator in this area that is winning contracts for its MaaS (Mining As A Service) software and turnkey support for blockchain supply solutions.

The involvement of major banks is creating a heightened sense of investor confidence in block chain and cryptocurrency markets not seen before.


In the last one year or so, blockchain has become one of the biggest words in tech, and much of the buzz is related to the craze that is cryptocurrencies.

Blockchain is a platform that allows people involved in a transaction to connect directly without the need for a middleman such as a bank. Essentially, blockchain is a chain of computers that must all approve a transaction before it can be verified and recorded, technically providing a decentralized database of transactions.

It is this system that supports cryptocurrencies such as Bitcoin, Ripple and Ethereum.

The rise of cryptocurrencies is seen in many circles as spelling a death knell to financial institutions. Many banks and central banks have been openly opposed to the spread of cryptocurrencies with tags such as "fraud" and "bubble" being used to refer to them.

After having their best performance ever in 2017, cryptocurrencies went through a worrying dip in January 2018 that had many people believing that the bubble had finally burst. However, there can be no betting against a full recovery and many experts have begun predicting a strong bounce.

In a move that that reflects the true attitude towards blockchain, banking giant JP Morgan has started a pilot program that seeks to make certain payments faster using technology similar to cryptocurrency.

This is a notable about-turn, with the firm's CEO Jamie Dimon having referred to bitcoin as a fraud.

The system, christened Interbank Information Network (IIN) was launched in October 2017. The platform, according to the bank's chief financial officer Marianne Lake, is built using the bank's private blockchain platform Quorom.

The system allows for exchange of information regarding compliance with other banks in certain cross-border transactions. JP Morgan is the lead player in the pilot, but is working with other banks mainly in Oceania and Canada.

Lake indicated that other banks have shown great interest in joining the project or following JP Morgan's lead.

If successful, JP Morgan's blockchain tech will help ease cross-border payments, which are notoriously difficult to execute and verify using the normal framework.

Usually cross-border payments can take days or even weeks to complete because correspondent banks have to verify compliance inquiries between each other. If a transaction is flagged for a compliance issue, it can take up to two weeks to resolve, and at great expense.


Few companies are moving quickly enough into the blockchain and cryptocurrency support service space. DMG Blockchain Solutions is one such junior company, built entirely to address the specialized needs of the sector.

DMG offers a set of diversified products and services to those interested in both cryptocurrencies and the associated blockchain technologies.

In addition, they sport forensics and analytics of the associated blockchains, discouraging criminal activity and providing an added level of security to the technology.

By creating a business based on the powerful technology of the blockchain, but not reliant on cryptocurrency, DMG has positioned themselves to be a leader in providing entire blockchain ecosystems.

The Company has launched quickly into several key areas including:

  • using their industry experience to assist accounting firms, legal firms, and law enforcement agencies on an international scale.
  • gaining access to a group of thousands of bitcoin traders and influencers through its MaaS (Mining As A Service) in Japan and begun taking orders there.
  • creating a joint venture with Emerald Health Therapeutics to use blockchain technology in order to make legal cannabis transactions more secure.
  • collaborating with North America's largest fleet leasing company Element Fleet Management to develop a blockchain-based smart contract platform to facilitate life-cycle management and vehicle tracking.


Blockchain technology is a great option for banks and financial institutions.

On a good network, a Bitcoin user can complete a transaction in a minute or less without the need for any background verification. Many experts believe that other banks will be introducing their own versions of IIN in the near future.

In Europe, banks such as Barclays, UBS and Credit Suisse have participated in an Ethereum blockchain platform for Markets in Financial Instruments Directive (MIFID II).

The interest that banks are showing in blockchain and cryptocurrency technology is bound to be a boost of confidence for crypto traders and miners who had been rocked by the downturn witnessed earlier this year.

It is an indication that it is much too early to dismiss crypto as an untenable financial tool.


NVDIA Corporation (NASDAQ: NVDA) 

NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for deep learning, accelerated computing, and general purpose computing; and GRID for cloud-based visual computing users. The Tegra Processor segment provides processors that integrate a computer onto a single chip under the Tegra brand name; DRIVE automotive computers, which offer self-driving capabilities; and tablet and portable devices for mobile gaming and TV streaming under the SHIELD name.

Micron Technology (NASDAQ: MU) 

Micron Technology, Inc. provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades.

Advance Micro Devices (NASDAQ: AMD )  

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